PA Daily | Hong Kong Approves an Immigration Application for ETH as Assets; Kanye refuses to promote RUG Meme to get $2 million
Reprinted from panewslab
02/08/2025·4DToday's news tips:
US Florida Senator proposes Bitcoin Investment Act
Members of Kentucky and Maryland respectively proposed Bitcoin Reserves
US SEC postpones BlackRock Ethereum ETF option trading decision to April 9
Solayer has opened LAYER token short investment inquiry
Regulatory/Macro
Judge ruled Coinbase must face client lawsuits in New York
According to Reuters, a U.S. federal judge ruled on Friday that the crypto exchange Coinbase must face lawsuits from clients who accused the exchange of illegally selling securities without registering as a brokerage dealer. U.S. District Judge Paul Engelmayer, based in Manhattan, New York, dismissed Coinbase’s argument that Coinbase does not qualify as a “statutory seller” under federal securities laws because it never transfers ownership of 79 tokens traded by clients. The judge cited the allegation: "The customer on Coinbase only trades with Coinbase itself", which is enough to conclude that Coinbase is the seller. Engelmayer also refused to dismiss allegations under California, Florida and New Jersey laws, saying customers have sufficiently accused Coinbase of the seller who directly sells the tokens. "Coinbase does not list, provide or sell securities on its exchange. We look forward to defending the remaining charges in the district court," Coinbase said in a statement.
According to Hong Kong practicing accountant clmentsiu, the Hong Kong Investment and Promotion Agency has approved an investment immigration application with Ethereum as a proof of assets of HK$30 million. The accountant said that in October 2024, he also successfully handled the first investment immigration case in Hong Kong with Bitcoin as an asset proof.
According to Caixin, nearly two years after being investigated, Hao Gang, former deputy director of the Beijing Local Financial Supervision and Administration Bureau, was sentenced to 11 years in prison in the first instance. According to Caixin's knowledge from multiple channels, Hao Gang was involved in Bitcoin money laundering; in addition, he also assisted executives of a leading Bitcoin mining company to lift border control and accept bribes of tens of millions of yuan. On February 6, 2025, the Second Intermediate Court of Beijing publicly pronounced the case of Hao Gang accepting bribes and money laundering in accordance with the law, and sentenced the defendant Hao Gang to eight years in prison for accepting bribes and a fine of RMB 500,000; it was sentenced for money laundering. He was sentenced to four years in prison and a fine of RMB 800,000. He decided to be sentenced to eleven years in prison and a fine of RMB 1.3 million. The illegal gains and interest from bribery will be recovered, confiscated, and handed over to the state treasury.
Tornado Cash developer Alexey Pertsev has been temporarily released by Dutch court
Alexey Pertsev, one of the developers of Tornado Cash, was temporarily released on Friday after nine months in a Dutch prison, but he still faces a 64-month (5 years and 4 months) deal, according to Bitcoin.com. sentence. In a recent positive turn of events, the court released Alexey Pertsev and placed him under house arrest and electronic surveillance until his trial date. Pertsev posted on X platform: "Freedom is priceless. My house arrest can only be achieved through the efforts of lawyers. They are paid with your donations. My struggle is not over yet. For the final victory and confidence, I We still need help from everyone." Previously, Tornado Cash developer Alexey Pertsev was allowed to be released in a conditional manner in order to appeal.
US Florida Senator proposes Bitcoin Investment Act
According to The Block, Senator Joe Gruters, Republican of Florida, filed a bill Friday that would allow the state to invest in Bitcoin and other cryptocurrencies. According to the filings, the senator advised Florida's chief financial officer to use public funds to "invest Bitcoin and other digital assets for specific purposes." Gruters' bill outlines Florida's chief financial officer "investment in bitcoin must not exceed 10% of the total funds of any account." Some of the public sources of funding mentioned in the bill that can be used to invest in Bitcoin include general income funds, budget stability funds, trust funds, and "all institutional funds for every state agency and judicial department." The bill also proposes “authorizing state administrative committee trustees to invest and reinvest available funds from system trust funds in Bitcoin…and stipulate that public funds invest in Bitcoin are not subject to certain security requirements.” Last October, Florida Chief Financial Officer Jimmy Patronis said the state holds about $800 million in “crypto-related” investment. He also said that if Trump becomes president, the amount of state investment in crypto assets may increase.
Members of Kentucky and Maryland respectively proposed Bitcoin Reserves
As Utah became the first state to pass legislation to allow public funds to be invested in crypto assets, two more state lawmakers joined the ranks this week: Kentucky and Maryland. While the moves in these states are widely related to what is known as the “Strategic Bitcoin Reserve” program at the Republican-led federal level, states have proposed their own measures, and how state funds are invested in digital assets vary. This week, Maryland Democratic Representative Caylin Young introduced a new bill to promote the establishment of a strategic Bitcoin reserve, similar to what U.S. Senator Cynthia Lummis envisioned. In Maryland, the reserve will be funded through law enforcement revenues for gambling violations. Kentucky legislation is also introduced this week, with two bills currently allowing state pension funds to invest in digital asset ETFs. These bills will also set barriers to the use of central bank digital currency (CBDC). The other 15 states are weighing the legislation in the midterm, with more states expected to follow up, and two other states — Michigan and Wisconsin — have invested some of their pension funds in crypto ETFs. So far, 22 states have enacted bills, are seriously discussing proposals or have begun investing in cryptocurrencies.
US SEC postpones BlackRock Ethereum ETF option trading decision to April 9
According to The Block, the U.S. Securities and Exchange Commission (SEC) posted on Friday whether to approve BlackRock's decision to list and trade options on its spot Ethereum ETF. According to the filings, the SEC said it will decide on April 9, 2025 whether to approve or refuse to allow BlackRock's iShares Ethereum Trust to conduct options trading. "The Commission believes it is necessary to designate a longer time to issue an order to approve or reject the proposed rule changes so that there is enough time to consider the proposed rule changes and the issues it raises." Also on Friday, the SEC said on Cboe BZX The exchange's proposal to list and trade options on its spot Ethereum ETFs submitted on behalf of Fidelity is solicited for public comment. These comments must be submitted within 21 days of the publication of the Federal Register.
U.S. regulators are conducting tokenization pilots, using stablecoins as collateral
Caroline Pham, acting head of the Commodity Futures Trading Commission, is pushing for a stablecoin-backed tokenization pilot program, a forthcoming summit will invite Coinbase, Ripple, Circle, Crypto.com and other numbers, according to CoinDesk. Executives of the Asset Company participated. The specific date and further details of the Digital Asset CEO Forum have not been determined yet. Last November, Fan proposed the idea of a tokenized regulatory sandbox through his advisory committee, the Global Markets Advisory Committee, but the agency's former leadership did not adopt it. Acting Chairman Pham said in a statement Friday: "I am pleased to announce this groundbreaking move to the U.S. digital asset market. I look forward to working with market participants to deliver on the Trump administration's ability to ensure the U.S. leads in economic opportunities." Global Commitment.” According to the agency, this plan, based on what Fan calls “responsible innovation” philosophy, will drive the use of non-cash collateral through distributed ledger technology. Pham's advisory committee had expected to allow market participants to try non-traditional collateral in its recommendation last November. "By improving the operating infrastructure of assets that already qualify for regulatory margins, blockchain or other distributed ledger technologies (DLTs) can help reduce or eliminate some of the challenges without changing collateral eligibility rules. Market participation Those can also use their existing policies, procedures, practices and processes to identify, evaluate and manage risks of using DLT, as they do with other forms of market infrastructure and technology.”
AI/Meta Universe
Meta will conduct company-wide layoffs starting next week
According to Jin Shi, an internal memo shows that Facebook owner Meta Platforms (META.O) plans to conduct expected layoffs company-wide next week while accelerating the recruitment of machine learning engineers. The memorandum shows that layoff notices in most countries, including the United States, will be issued from 5 a.m. local time on Monday. Employees in Germany, France, Italy and the Netherlands are not affected by layoffs “due to local regulations”, while employees in more than a dozen other countries in Europe, Asia and Africa will be notified between February 11 and February 18.
Financing
According to official news, video sharing platform and cloud service provider Rumble (NASDAQ: RUM), announced that the company has completed a US$775 million strategic investment from Tether. Regarding transaction details, as part of the transaction, Tether purchased 103,333,333 Rumble Class A common stock for a total of $775 million at $775 million. The company will use $250 million of the growth plans after deducting transaction fees. As part of the transaction completion, the company has successfully completed the previously announced offer to purchase up to 70 million Class A common shares. As of the due date, a total of 70,061,168 shares were bid effectively and successfully and not withdrawn. Rumble then accepted a 70 million share purchase proportionally, while the zero share bid was fully accepted, with a total amount of $525 million (excluding fees and expenses related to the acquisition offer). The depositary institution will immediately pay the accepted purchase of shares and return all other shares that have been bid but not purchased.
According to CoinDesk, DCG founder and CEO Barry Silbert is making a big bet on decentralized artificial intelligence (deAI), calling it "the next major era for cryptocurrencies" and its potential may even outweigh Bitcoin. In a letter to shareholders from the cryptocurrency group Digital Currency Group (DCG), he led, Silbert expressed strong optimism about deAI: This is an effort by the crypto industry to integrate artificial intelligence innovation with blockchain technology. He believes that this technology convergence may bring greater rewards to humans than closed systems developed by OpenAI and other giants. "We are moving from digital ownership of assets to smart decentralized ownership, and the availability of huge decentralized computing resources," Silbert wrote in the fourth quarter letter. It said the company has already reached more than a dozen deAI projects," he said. I have invested US$105 million and I am looking forward to increasing investment in 2025. He specifically mentioned DCG's investment in Bittensor, an crypto network focused on machine learning and AI applications, and he wrote that Bittensor's TAO tokens have many similarities with Bitcoin. DCG plans to invest heavily in supporting the Bittensor ecosystem. Silbert pointed out that in November, DCG set up a company called Yuma to incubate Bittensor's infrastructure projects. In addition, another DCG company, Grayscale, now also offers investment products related to TAO.
Project News
Solayer has opened LAYER token short investment inquiry
The Solayer Foundation announced on the X platform that the LAYER token short investment query is now open. Previously, yesterday's news, Solayer announced the economics of LAYER tokens: the maximum supply of 1 billion coins, 51.23% is allocated to the community and ecology.
According to The Block, American rapper Kanye West said on social media that he hopes to have a conversation with Coinbase CEO Brian Armstrong on "cryptocurrency-related matters." Prior to that, he revealed that he had received a $2 million proposal to issue tokens, but he rejected the proposal and stopped working with the proposer. According to the chat screenshots released by Kanye, this cooperation requires Kanye to promote a RUG disk Meme coin with a prepayment of US$750,000. After 8 hours of posting, Kanye can announce that his account has been stolen and pay another US$1.25 million after 16 hours of posting. Behind the scenes The blacklist said that this cooperation can make tens of millions of dollars.
Layer3 gaming network B3 will launch B3 tokens and airdrop on February 10
According to Decrypt, the Layer3 gaming network built on Base announced on Friday that it will launch its recently announced B3 token on February 10, accompanied by airdrop activity. Snapshots of network activities will be taken before the planned "S1 Airdrop", and there will be more airdrops, tournaments and gamifications to earn B3 in the future. According to posts on X platform, stakeholders of B3 will receive certain benefits, including tokens for a dedicated game chain, experience new games on the network ahead of time, and other potential rewards. The post also briefly introduces token economics: 34.2% of the token supply will be allocated to communities and ecosystems, 23.3% will be allocated to teams and consultants, 22.5% will be used to support the Player1 Foundation for the B3 ecosystem, and 20% will be reserved To investors. Tokens for investors, team members and consultants will have a lock-in period for one year before unlocking monthly for the next three years. The total supply of B3 has not been announced yet.
Telegram game TapSwap will launch its TAPS token on BNB Chain instead of TON network
According to Decrypt, TapSwap, a Telegram-based click-to-money game, announced that its upcoming TAPS token will be released on BNB Chain instead of the originally planned TON network. The game was originally scheduled to complete token airdrops in late January, but recently said it had postponed the token release based on the recommendations of an unnamed "level one" decentralized exchange in a bid to find better market conditions. However, after completing the first season of the game on February 6, the project decided to advance the token release on BNB Chain, which is expected to take place on February 14, according to X posts earlier this week. "Releasing TAPS tokens on BNB Chain will increase speed, security and accessibility, making TapSwap more attractive to players and investors," the project said. Users will be based on their overall engagement with TapSwap click-to-money games Come earn upcoming tokens. However, in the future, the game plans to transform from click-to-money mode and integrate skills-based gameplay. In early January, Telegram and TON announced an exclusive agreement that requires all mini games or apps that integrate cryptocurrencies to use TON exclusively. However, while TapSwap has previously promoted a partnership with TON, it did not mention Telegram or any migration plans in its token release announcement.
Viewpoint
Imron Khan and Qiao Wang, founders of AllianceDAO, the Web3 venture capital accelerator, said in Podcast that many projects that combine AI with blockchain seem far-fetched, but there are also teams integrating AI technology into blockchain applications in a more natural way. They believe that the integration of AI and blockchain will be more seamless in the future, and users will only feel the improvement in product performance, but will not realize the technology behind it. The two also analyzed recent market trends, including U.S. policy changes, development of Bitcoin spot ETFs and L1/L2 public chain competition. Regarding Bitcoin, rumors that the United States may establish a strategic reserve (SBR) have attracted market attention. If the plan is implemented, it may drive a surge in institutional demand. In terms of public chains, Solana has gradually become the first choice for entrepreneurs, and its ecosystem is growing rapidly, while Base launched by Coinbase is facing pressure due to insufficient liquidity. At the same time, new public chains such as Sui and Aptos are emerging, challenging traditional L2 solutions. In addition, tokenization has become a new model for entrepreneurship. For example, the founder of Vine launched Vine tokens to try to restart the application, and Trump Coin (TRUMP) also saw a sharp rise in market value due to political influence. The two believe that tokenization strategies may become an important tool for startups, and brand tokens will also change the way fundraising and user participation are involved.
Trump: DeepSeek is a very positive development, not a bad thing
According to the financial community, US President Trump said in his opinion on DeepSeek and whether it poses a national security threat that this is a technology that is being developed and that if it is developed correctly, we will benefit from it because of the labor involved now It is a good thing that smart costs will be much lower than people initially thought. Trump stressed that it is regarded as a very positive development, not a bad thing.
Important data
According to SoSoValue data, yesterday (February 7 Eastern Time) the total net inflow of Bitcoin spot ETF was US$171 million. Yesterday, Grayscale ETF GBTC had a net outflow of US$0.00 in a single day, and the current historical net outflow of GBTC was US$21.906 billion. Grayscale Bitcoin Mini Trust ETF BTC has a net outflow of US$0.00 per day. Currently, the total historical net inflow of Greyscale Bitcoin Mini Trust BTC is US$1.237 billion. Yesterday, the Bitcoin spot ETF with the largest single-day net inflows were Ark Invest and 21Shares ETF ARKB, with a single-day net inflow of US$59.0353 million. Currently, the total historical net inflow of ARKB has reached US$3.011 billion. The second is Fidelity ETF FBTC, with a single-day net inflow of US$52.4681 million. Currently, the total historical net inflow of FBTC has reached US$12.78 billion. As of press time, the total net asset value of Bitcoin spot ETF was US$113.095 billion, the net asset ratio of ETF (market value compared to the total market value of Bitcoin) reached 5.96%, and the historical cumulative net inflow has reached US$40.701 billion.
Santiment posted on X platform that Dogecoin (DOGE)'s huge transactions of over $100,000 have been significantly reduced recently, and the current weekly transaction volume is only three of the peak period that the "Trump effect" pushed in early November one. The increase in the volume of giant whales is usually seen as a signal that giant whales may start to accumulate assets again, and investors can pay attention to whether similar trading surges will occur again in the future.
A giant whale sold 10,828.5 ETH to repay his loan on Aave in order to remove the leverage.
According to on-chain analyst Ember Monitor, the giant whale nemorino.eth sold 10,828.5 ETH in the past three hours to repay his loan on Aave. He sold 10,828.5 ETH for 28 million USDC to repay the loan, with an average price of $2,586. He now holds 8,833.4 ETH ($23.26 million) after paying off all borrowings. Whale leverage is generally believed that the price will continue to fall.
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